The jackpot for Friday's Mega Millions drawing is rapidly approaching $1 billion - it is currently hovering at $970 million and could still increase before the drawing.

The current jackpot has already shattered previously records and now sits more than $300 million above the previous high, a $656 jackpot that was split between lucky winners in Kansas, Illinois and Maryland in 2012.

The cash value for the $970 million jackpot is $548 million, according to a news release from Michigan Lottery.

Between them, the Mega Millions and Powerball jackpots are now worth nearly $1.5 billion.

The high jackpots are a result of an intentional alteration of the lottery algorithms that took place last year, according to a Washington Post report. Participants are more likely to win smaller amounts and less likely to win the jackpot, meaning it continues to climb, the Post reported Wednesday.

Contact reporter Marc Daalder at mdaalder@freepress.com or on Twitter at @marcdaalder.